Reliance Industries stakeholders approve RPL merger

NEW DELHI (ICIS news)--The shareholders and creditors of Reliance Industries Ltd (RIL) have approved the merger of its subsidiary Reliance Petroleum Ltd (RPL), RIL said on Monday.

All the stakeholders approved the merger of RPL into RIL with overwhelming majority, according to a statement released by RIL.

RIL said the approval came following results of voting held at the Mumbai High Court, where a meeting was convened on 4 March with the company’s shareholders, secured creditors and unsecured creditors.

RIL is now expected to seek the consent of both Mumbai and ?xml:namespace>Gujarat high courts, it said.